Updated Duplex with Off-Street
For Sale
$357,000
122 W 32nd Street, Minneapolis, MN 55408
Residential Income, Minneapolis, MN
Property Size1,648 SF
Lot Size0.10 Acres
Price / SF$216.63
Days on Market28
Property Features for 122 W 32nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Basement, Bathroom 2
Parking features
Driveway
Exterior features
Shakes
Fencing
Chain Link
Subdivision
Richardsons Add
High school district
Minneapolis
Directions
Lyndale Ave. East on 31st South 1 blk right on 32nd 1/2 blk
Standard status
Active
APN
0302824210120
Size
1,648 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4488
Utilities
Heating system
Forced Air
Amenities
private in-unit laundry
fenced yard
front porch
rear porch
asphalt driveway
Building Details
Year built
1885
Listing Agency:
RE/MAX Results · RE/MAX International
(651) 698-8006
Listed By:
Elie Safi · License #95005
(952) 829-2900
Added: Sep 4
Changed: Sep 24
Last Checked: Oct 1 at 2:06PM
MLS# 7138169
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,648-square-foot duplex offers a traditional upper-and-lower-unit configuration with two bathrooms, a basement, private in-unit laundry, and front and rear porches. The property was built in 1885 and includes updated electrical and plumbing, a two-year-old roof, and a newer forced-air furnace. The second-floor unit also has central air with updated ductwork.
The 0.1-acre property includes a chain-link fenced yard, an asphalt driveway completed in 2019-2020, and four off-street parking spaces. The upper unit has a long-term tenant, while the main-level unit provides an owner-occupancy option. There is also room on the property to add a garage.
The 0.1-acre property includes a chain-link fenced yard, an asphalt driveway completed in 2019-2020, and four off-street parking spaces. The upper unit has a long-term tenant, while the main-level unit provides an owner-occupancy option. There is also room on the property to add a garage.
Key Highlights
- 1,648‑square‑foot duplex on a 0.1‑acre lot
- Two‑unit upper‑and‑lower layout with private in‑unit laundry
- Two‑year‑old roof with updated electrical and plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,078
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$481,560
$481.6K
Cap Rate 7%
$343,971
$344.0K
Cap Rate 9%
$267,533
$267.5K
Market Conditions
NOI Build-Up for 1,648 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.6K $22.20/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$34.4K $20.87/SF
− OpEx
−$10.3K −$6.26/SF
NOI
$24.1K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$481,560
Cap Rate 7%
$343,971
Cap Rate 9%
$267,533
Alternative Uses
Best Use
Multifamily LT 5
$344.0K
$301.0K – $401.3K
NOI $24,078 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$315.9K
$276.5K – $368.6K
NOI $22,116 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$393.2K
$344.0K – $458.7K
NOI $27,522 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 55408, MN
33,718
Population
17,874
Households
1.9
Avg Household Size
30
Median Age
59%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
12,488
Density / Sq Mi
$72,421
Median Household Income
$49,753
Median Earnings
$1,385
Median Rent
$387,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Classic up-and-down layout with private laundry, porches, and a fenced yard.
Where is this duplex located?
The property is located at 122 W 32nd Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $357,000.
What are key features of this property?
This property features: 1,648‑square‑foot duplex on a 0.1‑acre lot; Two‑unit upper‑and‑lower layout with private in‑unit laundry; Two‑year‑old roof with updated electrical and plumbing
